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Medical Waste Management Market

The medical waste management market is expected to register a CAGR of about 5% during 2018-2023 (the forecast period). Medical waste management refers to the proper processing of the waste materials that are generated by hospitals or healthcare institutions.

Increasing Initiatives by the Government Authorities

Medical waste is usually generated during the process of diagnosis, treatment (surgeries), and prevention of diseases. Pathogens and hazardous chemicals released, through healthcare activities, generally, reside in the wastes that are generated in the process. Moreover, the growing population across the globe results in an increase in the number of patients, in turn, giving rise to the volume of medical waste. Thus, with the rising volume of medical waste, the governments, worldwide, are taking several initiatives for the management of medical waste. For example, in India, the Ministry of Environment and Forests (MoEF), Government of India, has notified Medical Waste Management and Handling Rules, 1998 and The Bio-Medical Waste (Management and Handling) (Amendment) Rules, 2003, to provide statutory and obligatory guidelines for healthcare waste management. Central Pollution Control Board has also issued guidelines on Central Bio-medical Waste Treatment Facilities (CBWTF). The increasing number of initiatives by the government authorities is driving the medical waste management market. The other factors, like rising awareness regarding medical waste, are also driving the market growth.

High Capital Investments

The medical waste management market has been growing at a tremendous rate, over the past few years. Though, certain factors are likely to hinder the market growth for medical waste management. Among all, the requirement for huge capital investments, because of the need for high-value machinery and new technology equipment, is a major restraining factor for the medical waste management market growth.

The US to Lead the Market in North America

In 2017, the US medical waste management market held the largest market share in North America. This can be attributed to the presence of highly developed healthcare sector, along with the rising prevalence of infectious and chronic disease, which require advanced medical and surgical aids, and the treatment for these diseases producing a large number of by-products and residues. In the near future, Asia-Pacific is also expected to witness the highest growth rate, due to the rising social awareness and establishment of stringent regulations for the proper disposal of medical residues and by-products.

Key Developments in the Medical Waste Management Market:

February 2018 - Environment and Climate Change Canada (ECCC) planned to launch its new notice processing system (i.e., WIETS equivalent system) on June 5, 2018.

Medical Waste Management Market Major Players:

Clean Harbors, Inc.

Republic Services, Inc.

Stericycle, Inc.

Suez Environmental Services.

US Ecology, Inc.

Veolia Environmental Services.

Waste Management, Inc.

Biomedical Waste Solutions, LLC.

and Daniels Sharpsmart Inc.

Reasons to Purchase Medical Waste Management MarketReport

Current and future of global medical waste management market outlook in the developed and emerging markets

Various perspectives of the market with the help of Porter’s five forces analysis

The segment that is expected to dominate the market

Regions that are expected to witness the fastest growth rates during the forecast period

The latest developments, market shares, and strategies that are employed by the major market players